What a world we live in?!...it is no secret that times are different, and even less of a secret that phrase is overused. But it is important to highlight that through hardship there is always change and progress. Plug and Play has seen the duality of strain put on the oil and gas industry from the health pandemic and geopolitics. Through these instances, we have seen many of our corporate customers embrace digital and business transformation to sustain short-term survival and encourage long-term success. Our partner, Phillips 66, took action early to remain competitive through existing digital infrastructure, a strong internal culture, and an active role in the Plug and Play ecosystem.
In 2019, Phillips 66 launched its “AdvantEdge66” program as a business transformation effort backed by strong digital capabilities. The program is a comprehensive plan and set of activities that leverages technology to transform the way Phillips 66 runs its operations, executes projects, and makes decisions. Included in this initiative are transformations like data transferral to cloud systems, value chain optimization, and integrated logistics. It became incredibly successful, and unforeseeably valuable when dual black swan events struck the industry. Phillips 66 expects AdvantEdge66 to deliver $1.2 billion of enhancements by 2021. Underlying all of this change is an incredibly strong and diligent corporate culture.
It can be easy to shy away from confrontation, and conversely difficult to face it head-on. When we spoke with Phillips 66 recently, it was inspiring to hear that the drive to pursue excellence, fulfill duty, and embrace change was prominent. There was an intense passion that our champion shared which cascades up to Greg Garland, Phillips 66 Chairman and CEO. The coupling of this passion with the success of the “AdvantEdge66” program allowed Phillips 66 to never skip a beat. It successfully transitioned thousands of employees to work remotely, implemented back-to-office standards, and relied on its digital capabilities to carry through.
Through this success Phillips 66 has remained an active member of the Plug and Play ecosystem. Within its first year of partnership, Phillips 66 has participated in several deal flows, engaged with startups leading to pilots, and most importantly kept a pulse on innovation. Our motto is that innovation starts at the top. The C-level leadership team at Phillips 66 regularly visits our Silicon Valley headquarters, which sends a signal to the rest of the organization that it’s good to try new things, fail occasionally, and learn.
We are continually excited to see companies like Phillips 66 embrace innovation and digital transformation. As we continue to navigate through the turmoil, the value of level-headed bravery to embrace change becomes increasingly more important and we encourage that through our open innovation platform at Plug and Play. If interested in learning more about Phillips 66’s “AdvantEdge66” program, check out page 26 of their 2019 annual report.
If you are a corporation or startup interested in getting involved, we’d love to hear from you! Feel free to reach out using the contact below. Until next time, stay safe out there!